Do they cash my deposit?

Blog by Jean Richer - Salesperson | February 28th, 2017

When you are in the process of buying a home in Ottawa, you have to make sure you have the money in your bank account for your deposit. These are questions we hear all the time... What happens with my deposit, do they cash it right away or when the deal firms up? What if my deal falls apart, do I get my money back? Is it part of my downpayment?

You do not have to worry about your deposit. Brokerages need to deposit it in a trust account that is secure. This money is yours and it sits in the trust account until you take possession of your new home.